Bank of England increases stimulus package for UK economy
On 18 June, the Bank of England increased the stock of purchases of UK government bonds by an additional £100 billion to help boost the UK economy following the coronavirus (COVID-19) pandemic.The £100 billion in additional quantitative easing funds takes the total to £745 billion.
The MPC also voted to cut the cost of borrowing to a record low of 0.1%. The Committee admitted it is ‘hard to draw conclusions about the UK’s recovery prospects’ and stated that extra stimulus is needed to help boost the UK economy and push inflation.
The MPC said:
‘The unprecedented situation means that the outlook for the UK and global economies is unusually uncertain.
‘It will depend critically on the evolution of the pandemic, measures taken to protect public health, and how governments, households and businesses respond to these factors.
‘Inflation is well below the 2% target and is expected to fall further below it in coming quarters, largely reflecting the weakness of demand.’
Internet links: Bank of England’s Market Notice.
Need Some Advice?
Looking for some help or a little advice?
Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.
Increased fees at Companies House
HMRC publishes guidance on MTD for ITSA for sole traders and landlords
Over one million miss self assessment deadline
HMRC warns self assessment taxpayers as scam referrals rise
Double-cab pickups go back to being vans as guidance reversed
